Updated last 26.03.2021
 | Aid for risk financing |
At the level of financial intermediaries, аid for risk financing to the benefit of independent private investors may be in the form of:
- Capital or quasi-capital (e.g. – hybrid capital instruments, including a debt component) participation or grants for the provision of investments for risk financing, directly or indirectly, to eligible enterprises;
- Loans for the provision of investments for risk financing, directly or indirectly, to eligible enterprises;
- Guarantees for covering the losses from investments for risk financing, directly or indirectly, to the eligible enterprises.
At the level of independent private investors аids for risk financing may also be in the form of tax incentives to the benefit of the private investors, who are natural persons, providing risk financing, directly or indirectly, to the eligible enterprises.
On the level of the eligible enterprises [1] аid for risk financing may be in the form of capital, quasi-capital investments, loans, guarantees or combinations thereof.
 | Aid for start-up companies |
In order to meet the conditions for provision of aid, enterprises must be small [2] and established in the last five years. During this time these must not: have been registered on the stock exchange, have allocated any profits, and have been established through consolidation/merger.
Aid for start-ups are in the form of:
- Loans with a preferential interest rates;
- Guarantees with premiums, which do not correspond to the conditions;
Free-of-charge proceeds, including capital or quasi-capital investments, interest rates discounts and guarantee premiums.
 | Aid for research expenses |
The eligible expenses include the costs of initial review and official due diligence on behalf of the managers of financial brokers or the investors for finding enterprises, meeting the conditions for aid for risk financing and for start-up.
The aid intensity is up to 50 % of the eligible costs.
 | Aid for alternative trade platforms, specialized in SMEs |
When the platform’s operator is a small enterprise, the aid measure could be in the form of an aid for start-ups in favor of the platform’s operator.
The aid measure could be in the form of tax incentives in favor of independent private investors, who are natural persons, in relation to their investments for risk financing, made through alternative trade platform in enterprises.
[1] Eligible undertakings shall be undertakings which at the time of the initial risk finance investment are unlisted SMEs and fulfil at least one of the following conditions:
a) they have not been operating in any market;
b) they have been operating in any market for less than 7 years following their first commercial sale;
c) they require an initial risk finance investment which, based on a business plan prepared in view of entering a new product or geographical market, is higher than 50 % of their average annual turnover in the preceding 5 years.
[2] Small enterprises are those which has:
- an average list of employees not exceeding 50 people;
- an yearly turnover not exceeding BGN 19 500 000 or/and asset value not exceeding BGN 19 500 000.